OECD area growth slows to 3.6% year-on-year in Q2

ANKARA

Economic growth in the Organization for Economic Cooperation and Development (OECD) area slowed to 3.6% on an annual basis in the second quarter of 2022, the Paris-based group said on Monday.

The gross domestic product (GDP) in the OECD area increased 4.4% year-on-year in the previous quarter.

On a quarterly basis, the OECD area growth remained weak in the April-June period as its GDP rose 0.3%, according to provisional estimates, equal to the figure in the previous quarter.

Of the countries closest to the war in Ukraine, Poland's economy contracted by 2.3% in the three-month period after a GDP growth of 2.5% in January-March. Latvia and Lithuania also saw a contraction of 1.4% and 0.4%, respectively.

Among OECD countries further from the war, Israel recorded the strongest growth with 1.7%, followed by Mexico with 1.0%.

Italy and Japan exceeded their pre-pandemic levels of GDP for the first time in the second quarter, by 1.0% and by 0.2%, respectively.

ANKARA

Economic growth in the Organization for Economic Cooperation and Development (OECD) area slowed to 3.6% on an annual basis in the second quarter of 2022, the Paris-based group said on Monday.

The gross domestic product (GDP) in the OECD area increased 4.4% year-on-year in the previous quarter.

On a quarterly basis, the OECD area growth remained weak in the April-June period as its GDP rose 0.3%, according to provisional estimates, equal to the figure in the previous quarter.

Among OECD countries further from the war, Israel recorded the strongest growth with 1.7%, followed by Mexico with 1.0%.

Italy and Japan exceeded their pre-pandemic levels of GDP for the first time in the second quarter, by 1.0% and by 0.2%, respectively.